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Bi Monthly Market Update | Australia has never been better…

•By Jody Fewster

Australia has never been better…*

  • The World Bank has slashed the forecast for global growth to 1.7% down from 3% 6 months ago. They forecast a pickup to 2.7% in 2024.
  • The Chinese economy expanded 2.9% in October – December better than expectations of 1.6% taking annual GDP growth to 3%.
  • All eyes are on Japan’s Central Bank meeting today and their decision on interest rates. They preside over a public debt of 260% of GDP. Gulp!
  • Mixed messages from The World Economic Forum in Davos –  “polycrisis” crisis talks on the one hand and companies doing well on the other, stating “inflation showing signs of slowing and workers continuing to benefit from a still tight labour market”. (Fin Review today)
  • Goldman Sachs Group head of Commodities Research says commodities have the strongest outlook of any asset class in 2023 citing a perfect macroeconomic environment and critically low inventories for almost every key raw material.
  • John Abernathy, Founder and Chairman of Clime Investment Management, says with $1.3b of funds under management, “whatever you think short term, the longer term prognosis for Australia has never been better, and it’s never been better in our history”. * (Fin Review today)
  • Inflation hit 7.3% in November up from 6.9% in October the ABS released last Wednesday, driven by higher food prices and petrol prices.
  • Whilst some economists are suggesting inflation is near its peak the RBA is still expected to raise rates at its next meeting on February 7th – to 3.35% from its current 3.1%.
  • After hitting a 9-month high on Monday the S&P ASX-200 is up again today at 7,393 as I type. The Aussie dollar is sitting just below 70c.
  • According to REIWA, listings for sale and rent hit a 12-year low in December. The number of properties for sale dropped to 6,931 at the end of the month. The last time they were this low was in August 2010. However, they point out that the population has grown since then. According to the ABS, the population in WA has grown 22% since then.
  • Call me today to see how this pattern of limited supply and increasing population is affecting the value of your home or investment property.
Authored by Jody Fewster
Please call 0414 688 988 if I can provide you with a current market appraisal and detailed marketing plan for your home or investment property.
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